Bitcoin has been struggling over the last couple of weeks, with considerable volatility influencing the value of the cryptocurrency. However, thanks to rising investor interest, another rally for the price of the digital currency was caused, hence pushing Bitcoin towards a new all-time high on Thursday morning.

Bitcoin hits all-time high of $5,144

The newest all-time high provided by CoinDesk is well-above its previous, valued at $5,013 back on the 2^nd of September. Therefore, it finally seems like the market has managed to shrug off the negative news that has affected bitcoin this past month.

Not long ago, for instance, Chinese regulators decided to ban initial coin offerings (ICOs), used by start-ups to generate funds for their projects. A few days later, the Beijing Government also decided to ban digital currency in China, thus shutting down the operations of numerous exchanges.

Negative news has also come from Russia, where at a conference in Sochi, Russia, President Vladimir Putin stated that ‘the use of cryptocurrencies bears serious risks’, some of which include tax evasion, money laundering, and terrorism financing. Not only this but the first deputy governor of the Russian Central Bank stated that ‘We cannot give direct and easy access to such dubious instruments for retail investors’. Yet, we can rest assured as Russia will not ban digital currencies, as last month, Russia’s finance minister mentioned that there is no use to ban them, but rather regulation is essential.

Despite the presence of negative news, it seems like bitcoin investors are not slowing down. Luckily, reports have also appeared that it is possible for trading to resume in China, but under much stricter regulation. If this ends up happening, it is likely for further value growths to be witnessed.

The latest predictions made by economic analysts throughout the world point that bitcoin is likely to continue growing. For instance, a former Fortress Investment Group manager of a hedge fund mentioned that the value growth will not stop anytime soon and that in the next 6-10 months, we can expect bitcoin to hit $10,000. At the same time, Trace Meyer, a popular digital currency investor and one of the first bloggers to publicly recommend bitcoin and blockchain technology, advised that the bitcoin price is likely to reach $27,395 in only four months.

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